10x Genomics, Inc. (TXG) Bundle
A Brief History of 10x Genomics, Inc.
10x Genomics, Inc. was founded in 2012 and specializes in life sciences technology, developing innovative products and solutions for biological analysis. The company has grown rapidly, focusing on single-cell genomics and spatial transcriptomics.
Financial Overview as of 2024
As of September 30, 2024, 10x Genomics reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $151.7 million | $153.6 million | (1%) |
| Cost of Revenue | $45.3 million | $58.1 million | (22%) |
| Gross Profit | $106.4 million | $95.5 million | 11% |
| Net Loss | $(35.8) million | $(93.0) million | (62%) |
| Cash and Cash Equivalents | $398.2 million | N/A | N/A |
For the nine months ended September 30, 2024, total revenue increased by $11.0 million, or 3%, to $445.8 million compared to the same period in 2023. Notably, consumables revenue increased by $20.7 million, or 6%, primarily driven by growth in Spatial consumables sales, while instruments revenue decreased by $16.7 million, or 20%.
Operational Metrics
10x Genomics has reported significant operational metrics as follows:
| Operational Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Research and Development Expenses | $66.2 million | $66.5 million | (1%) |
| Selling, General and Administrative Expenses | $81.7 million | $82.4 million | (1%) |
| Total Operating Expenses | $147.9 million | $190.3 million | (22%) |
10x Genomics has experienced a decrease in total operating expenses by $42.4 million, or 22%, for the nine months ended September 30, 2024, compared to the same period in 2023. This was mainly due to reductions in personnel expenses and other operational efficiencies.
Market Position and Future Outlook
As of 2024, 10x Genomics holds a strong market position in the life sciences technology sector, focusing on continuous innovation and expansion of its product offerings. The company aims to enhance its technology platforms and introduce new products while managing costs effectively to improve profitability over time.
The company anticipates capital expenditures of approximately $15 million to $20 million over the next 12 months, focusing on manufacturing and research and development.
Key Challenges
10x Genomics continues to face challenges, including maintaining profitability while investing in growth and innovation. The company has incurred significant net losses since its inception, with an accumulated deficit of approximately $1.4 billion as of September 30, 2024.
In summary, 10x Genomics has made substantial progress in the life sciences technology field, with ongoing efforts to enhance its product offerings and improve financial performance amid competitive pressures.
A Who Owns 10x Genomics, Inc. (TXG)
Major Shareholders
As of 2024, the ownership structure of 10x Genomics, Inc. (TXG) is characterized by a mix of institutional investors, mutual funds, and individual stakeholders. The major shareholders include:
| Shareholder Type | Shareholder Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 8,025,978 | 6.63% |
| Institutional Investor | BlackRock, Inc. | 7,542,222 | 6.21% |
| Institutional Investor | FMR LLC (Fidelity) | 7,000,000 | 5.79% |
| Institutional Investor | Morgan Stanley | 6,500,000 | 5.38% |
| Individual Investor | Serge Saxonov (CEO) | 1,200,000 | 0.99% |
| Individual Investor | Ben Hwang (CFO) | 500,000 | 0.41% |
Stock Performance
Over the past year, 10x Genomics' stock has experienced fluctuations, impacting the ownership stakes. As of September 30, 2024, the closing stock price was $32.50, reflecting a decline of approximately 15% from the previous year.
Insider Ownership
Insider ownership remains significant, with executives and board members holding a combined total of 2.5 million shares, representing about 2.07% of the total shares outstanding.
| Insider Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Serge Saxonov | CEO | 1,200,000 | 0.99% |
| Ben Hwang | CFO | 500,000 | 0.41% |
| Other Executives | Various | 800,000 | 0.66% |
Recent Share Issuance
In the first three quarters of 2024, 10x Genomics issued additional shares through employee equity awards, totaling approximately 2.2 million shares. This has diluted existing shareholders slightly but is intended to incentivize employee performance.
Market Capitalization
As of September 30, 2024, 10x Genomics had a market capitalization of approximately $4.9 billion, reflecting its standing in the biotechnology sector.
Future Outlook
The company anticipates further growth through product innovation and expansion into new markets, which may influence share distribution and ownership percentages moving forward.
10x Genomics, Inc. (TXG) Mission Statement
10x Genomics, Inc. is dedicated to building innovative products and solutions that enable researchers to interrogate, understand, and master biological systems at a resolution and scale that matches the complexity of biology. The company offers integrated solutions that comprise instruments, consumables, and software for analyzing biological systems, empowering scientists to gain insights into biological processes and diseases.
Company Overview
Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics has developed a portfolio that includes the Chromium X Series and Chromium Connect instruments, Visium CytAssist, and Xenium Analyzer. These products facilitate high-throughput analysis of biological samples, allowing for detailed insights at the single-cell level. The company’s solutions are designed to enhance the workflow from sample preparation through analysis and visualization.
Financial Performance
As of September 30, 2024, 10x Genomics reported a total revenue of $445.8 million for the nine months ended September 30, 2024, reflecting a 3% increase compared to $434.7 million for the same period in 2023. The revenue breakdown is as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Total Revenue | $151,654 | $153,644 | -1% |
| Instruments Revenue | $19,056 | $34,942 | -45% |
| Consumables Revenue | $126,204 | $114,373 | 10% |
| Services Revenue | $6,394 | $4,329 | 48% |
The instruments revenue saw a significant decline of 45% primarily due to lower sales volumes of Chromium and Spatial instruments, whereas consumables revenue grew by 10% driven by higher Spatial consumables sales.
Operating Costs and Expenses
10x Genomics reported total operating expenses of $448.2 million for the nine months ended September 30, 2024, down from $503.7 million in the same period of 2023. Key expense categories include:
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $197,730 | $205,065 | -4% |
| Selling, General and Administrative | $250,517 | $257,205 | -3% |
The decrease in expenses can be attributed to a reduction in personnel costs and stock-based compensation, reflecting a strategic focus on efficiency.
Net Loss and Financial Position
For the nine months ended September 30, 2024, 10x Genomics reported a net loss of $133.6 million, compared to a net loss of $206.1 million for the same period in 2023. The company’s accumulated deficit reached $1.4 billion, while cash and cash equivalents as of September 30, 2024, totaled $398.2 million.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $(133,599,000) | $(206,147,000) |
| Gross Margin | 68% | 68% |
| Operating Cash Flow | $13,412,000 | $(40,955,000) |
Despite the ongoing net losses, the company has shown improvement in cash flow from operations, moving from negative cash flow in 2023 to a positive cash flow in 2024.
Market Position and Future Outlook
10x Genomics positions itself at the forefront of life sciences technology, focusing on expanding its product offerings and scaling its technology platforms. The company continues to invest in research and development, aiming to introduce new products and enhance its service offerings to maintain competitive advantages in the market.
How 10x Genomics, Inc. (TXG) Works
Company Overview
10x Genomics, Inc. is a life sciences technology company focused on innovative products and solutions to interrogate and understand biological systems. The company’s product portfolio includes instruments, consumables, and software designed for high-resolution biological analysis. Key product lines include the Chromium X Series, Chromium Connect instruments, Visium CytAssist, and Xenium Analyzer, which are used for various applications including single-cell analysis.
Financial Performance
As of September 30, 2024, 10x Genomics reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $151.7 million | $153.6 million | $(1.9) million | (1)% |
| Net Loss | $(35.8) million | $(93.0) million | $(57.2) million | (61)% |
| Gross Profit | $106.4 million | $95.5 million | $10.9 million | 11% |
| Gross Margin | 70% | 62% | 8% | — |
Revenue Breakdown
Revenue sources for the three months ended September 30, 2024, include:
| Revenue Source | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Instruments | $19.1 million | $34.9 million | $(15.8) million | (45)% |
| Consumables | $126.2 million | $114.4 million | $11.8 million | 10% |
| Services | $6.4 million | $4.3 million | $2.1 million | 48% |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, were reported as follows:
| Expense Type | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $66.2 million | $66.5 million | $(0.3) million | (1)% |
| Selling, General and Administrative | $81.7 million | $82.4 million | $(0.7) million | (1)% |
| Total Operating Expenses | $147.9 million | $190.3 million | $(42.4) million | (22)% |
Cash Flow and Liquidity
As of September 30, 2024, 10x Genomics had cash and cash equivalents totaling $398.2 million. The net cash provided by operating activities for the nine months ended September 30, 2024, was $13.4 million, compared to a net cash used of $(40.9) million in the same period of 2023.
| Cash Flow Activities | 2024 | 2023 |
|---|---|---|
| Operating Activities | $13.4 million | $(40.9) million |
| Investing Activities | $18.9 million | $120.4 million |
| Financing Activities | $6.4 million | $8.1 million |
| Net Increase in Cash | $38.9 million | $87.4 million |
Research and Development Focus
For the nine months ended September 30, 2024, research and development expenses were $197.7 million, a decrease of 4% compared to $205.1 million for the same period in 2023.
Stockholder Equity
As of September 30, 2024, the stockholders’ equity consisted of:
| Equity Component | Value (in thousands) |
|---|---|
| Common Stock | $2 |
| Additional Paid-in Capital | $2,140,789 |
| Accumulated Deficit | $(1,418,019) |
| Accumulated Other Comprehensive Income | $32 |
| Total Stockholders’ Equity | $722,804 |
How 10x Genomics, Inc. (TXG) Makes Money
Revenue Streams
10x Genomics, Inc. generates revenue primarily through three main sources: instrument sales, consumables, and services.
Instrument Sales
Instrument sales have seen fluctuations in recent periods. For the nine months ended September 30, 2024, total instrument revenue was $68.4 million, a decrease of $16.7 million or 20% compared to the same period in 2023. This decline was attributed to lower sales volumes of both Chromium and Spatial instruments.
| Instrument Type | 9M 2024 Revenue | 9M 2023 Revenue | Change ($) | Change (%) |
|---|---|---|---|---|
| Chromium | $24.3 million | $36.7 million | -$12.4 million | -34% |
| Spatial | $44.1 million | $48.4 million | -$4.3 million | -9% |
| Total Instruments | $68.4 million | $85.1 million | -$16.7 million | -20% |
Consumables Revenue
Consumables revenue has shown growth, primarily driven by Spatial consumables sales. For the nine months ended September 30, 2024, total consumables revenue was $359.9 million, an increase of $20.7 million or 6% compared to the same period in 2023.
| Consumable Type | 9M 2024 Revenue | 9M 2023 Revenue | Change ($) | Change (%) |
|---|---|---|---|---|
| Chromium | $274.6 million | $302.2 million | -$27.6 million | -9% |
| Spatial | $85.3 million | $37.1 million | +$48.3 million | +130% |
| Total Consumables | $359.9 million | $339.2 million | +$20.7 million | +6% |
Service Revenue
10x Genomics also generates revenue from service contracts, including post-warranty service agreements. For the nine months ended September 30, 2024, service revenue was $17.5 million, an increase of $7.1 million or 68% compared to the same period in 2023.
Overall Financial Performance
The company's total revenue for the nine months ended September 30, 2024, was $445.8 million, reflecting an increase of $11 million or 3% from $434.7 million in the same period of 2023.
| Period | Total Revenue | Change ($) | Change (%) |
|---|---|---|---|
| 9M 2024 | $445.8 million | +$11 million | +3% |
| 9M 2023 | $434.7 million | N/A | N/A |
Cost Structure and Profitability
10x Genomics' cost of revenue for the nine months ended September 30, 2024, was $142.2 million, resulting in a gross profit of $303.5 million and a gross margin of 68%.
| Financial Metric | 9M 2024 Amount | 9M 2023 Amount |
|---|---|---|
| Cost of Revenue | $142.2 million | $141.2 million |
| Gross Profit | $303.5 million | $293.5 million |
| Gross Margin | 68% | 68% |
Net Loss
The company reported a net loss of $133.6 million for the nine months ended September 30, 2024, down from a net loss of $206.1 million in the same period of 2023.
| Period | Net Loss | Change ($) |
|---|---|---|
| 9M 2024 | -$133.6 million | +$72.5 million |
| 9M 2023 | -$206.1 million | N/A |
Cash and Liquidity Position
As of September 30, 2024, 10x Genomics had $398.2 million in cash and cash equivalents and had generated negative cash flows from operations since inception. The company plans to make capital expenditures between $15 million and $20 million over the next 12 months.
| Cash Position Metrics | Amount |
|---|---|
| Cash and Cash Equivalents | $398.2 million |
| Capital Expenditures (next 12 months) | $15 million - $20 million |
10x Genomics, Inc. (TXG) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- 10x Genomics, Inc. (TXG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of 10x Genomics, Inc. (TXG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View 10x Genomics, Inc. (TXG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.